Nobody queues at a shop because prices went up, or flees because there is a sale. In equities, that is exactly what happens. Kahneman and Tversky showed the pain of losing an amount is roughly twice the pleasure of gaining the same amount, and that asymmetry explains why portfolios fill up with losers and empty of winners. TEDPIX closed at 5,075,098 points on Wednesday, 29 July 2026; a level many who entered in 1399 (2020) never saw, because they sold at the bottom.
